Bybit, one of the leading top exchanges in the crypto industry, has fully registered with India’s Apex Financial Regulatory Agency.
Bybit, in a press release, announced that it had completed its registration with India’s Financial Intelligence Unit, settling disputes and addressing all regulatory issues.
Bybit recently faced regulatory challenges with India’s Financial Intelligence Unit (FIU-IND).
The regulatory agency imposed a fine of approximately $1.06 million on Bybit for violations of the Prevention of Money Laundering Act (PMLA).
The bone of contention between both parties was Bybit’s expansion in the Indian market without obtaining the mandatory registration with FIU-IND.
This compliance flaw led to the blocking of Bybit’s website under the Information Technology Act, of 2000, executed through the Ministry of Electronics and Information Technology (MEITY).
In response, Bybit suspended its services in India, citing regulatory challenges. The company’s India country manager, Vikas Gupta, expressed optimism about obtaining an official operations license, noting that Bybit had applied for a Virtual Digital service provider (VDA) license.
Bybit Meets Compliance in India
Bybit announced via a press release that it had registered fully with India’s Financial Intelligence Unit and settled the imposed fine by the agency.
The exchange is expected to resume its services in India soon, having met full compliance.
These developments underscore the importance of regulatory compliance for cryptocurrency exchanges operating in India.
Exchanges in India have made the news recently, with the highlight being the $230 million hack on India’s biggest exchange WazirX.
Other big exchanges in India include Binance, CoinDCX, Zebpay, and Coinswitch Kuber.
Bybit serves a global community of over 60 million users, solidifying its position as the second-largest cryptocurrency exchange by trading volume.
The exchange offers a comprehensive suite of services, including spot trading, derivatives, and various Web3 initiatives.
Bybit supports over 1,700 cryptocurrencies and provides access to more than 1,100 trading pairs, catering to a diverse range of trading preferences.
